The global drone market is set to grow by $124.1 billion (£100.1 billion) in the period 2020-2027, according to a new report from ResearchAndMarkets.com.
The report, which is based on revised data taking into account the coronavirus pandemic and subsequent economic depression, says that the drone market will grow at a compounded annual growth rate (CAGR) of more than 80% during the seven-year period.
The aerial photography and remote sensing segment of the industry is set to grow at an even greater 89.2% CAGR.
The report also warns that China may struggle, due in part to global perceptions of Chinese-made drone that predate the pandemic.
For comparison, the US’ forecasted CAGR of 74.1% will outstrip China’s, which sits at 66.2%.
Elsewhere, Germany will lead the charge in Europe, adding $2.1 billion (£1.7 billion) to the global market total.